The all-stock deal values Suffolk (NYSE:SCNB) at about $402M, or $33.55 per share (vs. Friday's close of $23.49). SCNB owners will receive 2.225 shares of People's United Financial (NASDAQ:PBCT) common stock for each share of SCNB they hold.

People's expects the deal to be accretive to EPS (excluding one-time costs), with an IRR of 17% and tangible book value earn-back within five years. The purchase is expected to close in Q4.